Crypto exchange Bitpoint admits to 50,000 victims of $32 million hack

by Osiris Team


Posted on July 16, 2019, 1:51 p.m.
Alerts
Time to read: 2 min
General

Japanese cryptocurrency exchange Bitpoint was hacked last week when hackers stole 3.5 billion yen ($32 million) from the exchange’s hot wallet, of which 2.5 billion yen were customer funds.

It has now come to light that around 50,000 of its 110,000-strong customer base were affected by the hack, just days after an operational improvement order, imposed last year, was lifted at the end of June.

The Japanese cryptocurrency exchange has revealed that it lost additional digital currencies worth 250 million yen ($2.3 million) at exchanges outside of Japan, as reported by Japanese daily newspaper The Mainichi. These overseas exchanges reportedly used Bitpoint’s trading system.

Customers’ money lost by Bitpoint reportedly accounted for 13 percent of the total digital assets the cryptocurrency exchange held.

Hackers seem to have found an easy way into Bitpoint’s systems as the cryptocurrency exchange’s hot wallet – containing bitcoin, bitcoin cash, litecoin, ripple, and Ethereum – could have suffered from poor security measures. This is because the Japanese Financial Services Agency (FSA) had pulled up Bitpoint last year on grounds of poor internal controls, telling it to shore up measures to protect its users.


Related links:
Source
Like and comment it on:

More cryptocurrency news

Latest news

Coinbase Card rolls out DAI as first supported stablecoin

Coinbase Card, a crypto-powered Visa debit card from major crypto exchange Coinbase, now supports Dai, a stablecoin pegged to the United States dollar.


Development
DAI

Dec. 6, 2019, 6:36 p.m.

Microsoft teams up with Enjin to offer crypto collectible rewards

Do good work, earn a "badger" - that's the idea behind a new incentive launched by Microsoft and blockchain gaming project Enjin.


Development
General

Dec. 5, 2019, 2:36 p.m.

Cointelegraph launches Consulting division to drive enterprise blockchain adoption

Cointelegraph has announced the launch of its Cointelegraph Consulting division, which is focused on advancing enterprise blockchain adoption by helping companies understand the potential of blockchain and then matching them with enterprise vendors to implement solutions.


Adoption Development
General

Dec. 4, 2019, 2:20 p.m.

China’s Great Firewall has blocked access to Ethereum block explorer

China's Great Firewall, used by the government to regulate access to foreign internet sites, has blocked one of the most popular sources of Ethereum blockchain data.


Development Regulatory
ETH

Dec. 3, 2019, 5:51 p.m.

Stellar’s Foundation just destroyed half the supply of its Lumens cryptocurrency

The Stellar Development Foundation has burned 55 billion of its XLM tokens, over half the cryptocurrency’s supply, CEO Denelle Dixon announced from the stage of the Stellar Meridian conference Monday.


Alerts Development
XLM

Nov. 6, 2019, 10:09 a.m.

Follow us